Bitcoin Will Never Prevail As A Payment Network In The Future, Says FTX CEO Sam Bankman-Fried

Much ado about Bitcoin!

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Lol! NYTimes calls him a studiously dishevelled billionaire! World’s 2nd richest crypto billionaire sure seems dishevelled, and I’d argue he’s more whimsical (think of an ambitionless altruistic Musk). Worth about $24 billion Sam Bankman-Fried is an outlier even in the crypto community. And when he simply shrugs off the most dominant and prominent crypto Bitcoin as a dud, there might be some merit (or not?). Sam outright dismisses the future of BTC as a payment network.

His Journey with crypto started cluelessly! From clueless young lad to becoming a crypto mogul has been a journey albeit not without the baggage that comes with it! He’s moved his crypto HQs from Hong Kong to the Bahamas. With all the moolah in the world, Sam is now more inclined to get into the skin of policymakers and influence strategic policies that could possibly alter the world. Something that Zucekerberg set out to do, but couldn’t! Young guns lose their guns, I guess no sooner they try fling it for the cause! However Sam has an upside here. He seems more virtuous of a technocrat than most of the technobrats out there!

But why did he diss Bitcoin? an altruistic minimalist tech geek, Bankman-Fried seeks more permanence in the virtual economy even if it comes with taking risk that could crumble his own FTX empire. In an ideal world a crypto should be scalable and sustainable. However, Sam believes BTC ain’t scalable. This comes in the wake of the unfortunate crypto market crash that has tumbled down the drain, some of the major coins including BTC. Sam says that the P-O-W (Proof of Work) system for validation underpins BTC very adversely. It cannot cope up with an avalanche of billions of transactions. According to him P-O-S (Proof of Stakes) have the potential sans the energy expense and carbon footprint. ETH works on proof of stake. However there’s a new contender in the market.

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